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The Ricketts family-led consortium that was one of the final four shortlisted bidders in the running to buy Chelsea has withdrawn its bid.

The Ricketts family, who own the Chicago Cubs baseball team, had partnered with US billionaires Ken Griffin and Dan Gilbert and were planning to submit a cash bid for Chelsea.

However, those plans have now ended, with members of the consortium understood to have been unable to agree on the final make up of the deal.

In a statement released on Friday, the consortium said: "The Ricketts-Griffin-Gilbert Group has decided, after careful consideration, not to submit a final bid for Chelsea FC.

"In the process of finalising their proposal, it became increasingly clear that certain issues could not be addressed given the unusual dynamics around the sales process.

"We have great admiration for Chelsea and its fans, and we wish the new owners well."